Wednesday, June 22, 2011

Retrace to 1275 area

The market seems to be retracing to the 1275 area as I was expecting but it's not sure if this is a W4 correction or a W2 (implying there were 5 completed waves from the low on a W1). So we will see how the market handles the Trend Average. If it results in a test, then we'll see a big bullish wave. If the market fails at the TA then it will effectively reverse Monday and Tuesday's bullish action. But as of now, the trend is positive and the weekly chart has turned up.

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